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Bharti Enterprises sells Future Retail's 57 lakh shares worth around Rs 300 crore

New Delhi: Bharti Enterprises on Thursday sold over 57 lakh shares of Future Retail for around Rs 300 crore through open market operations. The shares were bought by Edelweiss group, according to the block deal data available with BSE.

Bharti disposed of 56.93 lakh shares, amounting to 1.13 percent stake in Kishor Biyani-led Future Retail.

The shares were offloaded at an average price of Rs 525.9 translating into a transaction of Rs 299.3 crore.

 Bharti Enterprises sells Future Retails 57 lakh shares worth around Rs 300 crore

Future Retail. Reuters

Edelweiss group firm Ecap Equities Ltd bought 16.5 lakh shares worth over Rs 87 crore while Edelweiss special opportunities fund purchased 40.43 lakh shares valuing Rs 212 crore.

Shares of Future Retail closed at Rs 504.25, down by 4.23 percent.

In June, Bharti group entity Cedar Support offloaded 6 percent stake in future retail for Rs 1,697 crore through open market transactions.

Earlier in May 2015, Future Group had acquired Bharti Group's retail business under the EasyDay chain in an all-stock deal worth Rs 750 crore to create one of the biggest supermarket chains. Following the deal, Bharti Group's retail business had merged with Future Retail.

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Updated Date: Nov 30, 2018 09:46:20 IST